Search results for: alternative finance

Authors: Peter Shi

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Algorithmic trading is a rapidly expanding domain within quantitative finance, constituting a substantial portion of trading volumes in the US financial market. The demand for rigorous and robust mathematical theories underpinning these trading algorithms is ever-growing. In this study, the author establishes a new stock market model that integrates the Efficient Market Hypothesis and the statistical arbitrage. The model, for the first time, finds probabilistic relations between the rational price and the market price in terms of the conditional expectation. The theory consequently leads to a mathematical justification of the old market adage: buy-low and sell-high. The thresholds for “low” and “high” are precisely derived using a max-min operation on Bayes’s error. This explicit connection harmonizes the Efficient Market Hypothesis and Statistical Arbitrage, demonstrating their compatibility in explaining market dynamics. The amalgamation represents a pioneering contribution to quantitative finance. The study culminates in comprehensive numerical tests using historical market data, affirming that the “buy-low” and “sell-high” algorithm derived from this theory significantly outperforms the general market over the long term in four out of six distinct market environments.

Keywords: efficient market hypothesis, behavioral finance, Bayes' decision, algorithmic trading, risk control, stock market

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Authors: Jingjing Ye, Cijun Fan, Yan Dong

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The development of financial sector plays an important role in shaping industrial structure. However, evidence on the micro-level channels through which this relation manifest remains relatively sparse, particularly for developing countries. In this paper, we compile an industry-by-city dataset based on manufacturing firms and registered banks in 287 Chinese cities from 1998 to 2008. Based on a difference-in-difference approach, we find the highly concentrated banking sector decreases the competitiveness of firms in each manufacturing industry. There are two main reasons: i) bank accessibility successfully fosters firm expansion within each industry, however, only for sufficiently large enterprises; ii) state-owned enterprises are favored by the banking industry in China. The results are robust after considering alternative concentration and external finance dependence measures.

Keywords: bank concentration, China, difference-in-difference, industry structure

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Authors: Andri Ottesen, Sam Toglaw, Mirna Safa

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Entrepreneurial companies on their developing path from an idea to a corporation go through a similar six-step process. Each of these six development steps is supported by a distinctive financing path. This paper explores the Kuwait model for Entrepreneurial Finance and Development through in-depth interviews with ten successful Kuwaiti entrepreneurs. This paper offers insight into the development and financing of entrepreneurial companies in this oil-rich, predominantly Islamic country that are in many ways different from the steps. Western entrepreneurial companies go through. This model could be used to understand the commonalities and the difference between entrepreneurial development and financing and could be used to bridge the gap.

Keywords: entrepreneurial-financing, entrepreneurial-developing, Kuwait, Vancouver school

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Authors: Natalie Delia

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This academic paper investigates the transformative potential of incorporating alternative ways of knowing within the framework of Critical Studies departments. Traditional academic paradigms often prioritize empirical evidence and established methodologies, potentially limiting the scope of critical inquiry. In response to this, our research seeks to illuminate the benefits and challenges associated with integrating alternative epistemologies, such as indigenous knowledge systems, artistic expressions, and experiential narratives. Drawing upon a comprehensive review of literature and case studies, we examine how alternative ways of knowing can enrich and diversify the intellectual landscape of Critical Studies departments. By embracing perspectives that extend beyond conventional boundaries, departments may foster a more inclusive and holistic understanding of critical issues. Additionally, we explore the potential impact on pedagogical approaches, suggesting that alternative ways of knowing can stimulate alternative way of teaching methods and enhance student engagement. Our investigation also delves into the institutional and cultural shifts necessary to support the integration of alternative epistemologies within academic settings. We address concerns related to validation, legitimacy, and the potential clash with established norms, offering insights into fostering an environment that encourages intellectual pluralism. Furthermore, the paper considers the implications for interdisciplinary collaboration and the potential for cultivating a more responsive and socially engaged scholarship. By encouraging a synthesis of diverse perspectives, Critical Studies departments may be better equipped to address the complexities of contemporary issues, encouraging a dynamic and evolving field of study. In conclusion, this paper advocates for a paradigm shift within Critical Studies departments towards a more inclusive and expansive approach to knowledge production. By embracing alternative ways of knowing, departments have the opportunity to not only diversify their intellectual landscape but also to contribute meaningfully to broader societal dialogues, addressing pressing issues with renewed depth and insight.

Keywords: critical studies, alternative ways of knowing, academic department, Wallerstein

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Authors: Babak Salekmahdy

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Microfinance is often seen as a means of repairing credit markets and unleashing the potential contribution of impoverished people who rely on self-employment. Since the 1990s, the microfinance industry has expanded rapidly, opening the path for additional kinds of social entrepreneurship and social investment. However, current data indicate relatively few average consumer effects, opposing pushback against microfinance. This research reconsiders microfinance statements, stressing the variety of data on impacts and the essential (but limited) role of reimbursements. The report finishes by explaining a shift in thinking: from microfinance as a strictly defined enterprise finance to microfinance as a more widely defined home finance. Microfinance, under this perspective, provides advantages by providing liquidity for various requirements rather than just by increasing income.

Keywords: microfinance, small business, economic development, credit markets

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Authors: Mahfoud Djebbar

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Stock dilution is a financial phenomenon resulting from the issue of additional shares by a company, or when holders convert their convertibles into new shares (capital increase). This issue and/or conversion enlarge the company’s share base that will result in marginal dilution (loss) for existing shareholders, and a benefit to new ones. Dilution issues have already been addressed in mainstream finance, particularly as far as information disclosure is concerned. However, in Islamic finance, stock dilution problems have not been deeply studied and the subject has not received sufficient attention from shariah-compatible firms, investors, and scholars. In this regard, this paper emphasises the forms, the effects of capital dilution on current shareholders as well as the ways and techniques of compensating them. And since the research in this field, in its Islamic perspective, is still in its infancy, the paper tries to analyse the phenomenon theoretically in detail using numerical examples, and expose some case studies of Shariah-compliant issuers of convertible Sukuk and how they compensate their existing shareholders. Finally, this study shows that the Sukuk issuers compensate old shareholders using the right of shuf’ah as a well known and practiced pre-emptive right in Islamic transactions centuries ago, as well as the ways conventional bond issuers use.

Keywords: compensating shareholders, convertible Sukuk, Islamic financial innovation, Shuf’ah

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Authors: Dilip Nath

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A study has been conducted on the available aquatic invertebrates in the river Dhansiri at Dimapur site. The study confirmed that the river body composed of aquatic macroinvertebrate community under two phyla viz., Arthropods and Molluscs. Total 10 species have been identified from there as the source of alternative protein food for the common people. Not only the protein source, they are also the component of aquatic food chain and indicators of aquatic ecosystem. Proper management and strategies to promote the edible invertebrates can be considered as the alternative protein and alternative income source for the common people for sustainable livelihood improvement.

Keywords: Dhansiri, Dimapur, invertebrates, livelihood improvement, protein

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Authors: Stepan Hysek, Petra Gajdacova

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In recent years, alternative materials, such as annual plants or recycled and waste materials are becoming more and more popular input material for the production of composite materials. They can be used for the production of insulation boards, construction boards or furniture boards. Surface finishing of those boards is essential for utilization in furniture. However, some difficulties could occur during coating of boards from alternative materials; physical and chemical differences from conventional particleboards need to be considered. From the physical aspects, surface soundness and surface roughness mainly determine the quality of the surface. Since surface layers of boards from alternative materials have often lower density, these characteristics could be deteriorated and thus the production process needs to be optimized. Also, chemical reactions of board’s material with coating could be undesirable. The objective of this study is to evaluate the parameters affecting the surface quality of boards made form alternative materials and to find possibilities of the coating of these boards. In this study, boards of particles from rapeseed stems were produced using a laboratory press. Surface soundness, as representatives of mechanical properties and surface roughness, as representative of physical properties, were measured on boards from rapeseed stems. Results clearly indicated that produced boards had lower surface quality than commercially produced particle boards from wood. Therefore, higher thickness of surface coating on rapeseed based boards is needed.

Keywords: coating, surface, annual plant, composites, particleboard

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Authors: Zareen Khan

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Islamic Banking has experienced high growth in Pakistan in recent years and has successfully survived the economic downturn of 2009-2011. Despite the increase in branch network and expansion of services, it is unclear if Islamic banks are truly following the theory and practical application of Shariah Law. This paper explores the theological basis of Islamic finance and examines the discrepancies between the theory and practice of Islamic banking using Pakistan as a case study. It discusses areas where Islamic banks lack proper Shariah compliance and analyzes the financial weaknesses of Islamic banks in terms of the services offered. Furthermore, the paper offers plausible explanations for the clientele of Islamic banks. The case study has three major findings. Firstly, most of the employees of Islamic banks come from conventional banking backgrounds and the banks have to invest in additional trainings to specialize employees in Islamic Banking. Secondly despite the efforts of State Bank of Pakistan, there is a lack of accounting and auditing standards tailored for Islamic Banking. Thirdly, majority of the clients of Islamic banks in Pakistan are accustomed to conventional banking causing the bankers to “speak the conventional banking language.” Combined, these three factors can create gaps in the practical application of Islamic finance in Islamic banks in Pakistan.

Keywords: islamic finance, comparing theory with practice, islamic banking, Pakistan

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Authors: Lina María Martínez Sánchez, Juliana Molina Valencia, Esteban Vallejo Agudelo, Daniel Gallego González, María Isabel Pérez Palacio, Juan Ricardo Gaviria García, María De Los Ángeles Rodríguez Gázquez, Gloria Inés Martínez Domínguez

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Alternative and complementary therapies constitute a vast and complex combination of interventions, philosophies, approaches, and therapies that acquire a holistic healthcare point of view, becoming an alternative for the treatment of patients with chronic pain. Objective: determine the characteristics of the use of alternative and complementary therapies in patients with chronic pain who consulted in a medical institution. Methodology: cross-sectional and descriptive study, with a population of patients that assisted to the outpatient consultation and met the eligibility criteria. Sampling was not conducted. A form was used for the collection of demographic and clinical variables and the Holistic Complementary and Alternative Medicine Questionnaire (HCAMQ) was validated. The analysis and processing of information was carried out using the SPSS program vr.19. Results: 220 people with chronic pain were included. The average age was 54.7±16.2 years, 78.2% were women, and 75.5% belonged to the socioeconomic strata 1 to 3. Musculoskeletal pain (77.7%), migraine (15%) and neuralgia (9.1%) were the most frequently types of chronic pain. 33.6% of participants have used some kind of alternative and complementary therapy; the most frequent were: homeopathy (14.5%), phytotherapy (12.7%), and acupuncture (11.4%). The total average HCAMQ score for the study group was 30.2±7.0 points, which shows a moderate attitude toward the use of complementary and alternative medicine. The highest scores according to the type of pain were: neuralgia (32.4±5.8), musculoskeletal pain (30.5±6.7), fibromyalgia (29.6±7.3) and migraine (28.5±8.8). The reliability of the HCAMQ was acceptable (Cronbach's α: 0.6). Conclusion: it was noted that the types of chronic pain and the clinical or therapeutic management of patients correspond to the data available in current literature. Despite the moderate attitude toward the use of these alternative and complementary therapies, one of every three patients uses them.

Keywords: chronic pain, complementary therapies, homeopathy, acupuncture analgesia

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Authors: Gulshan Sachdeva, Vaibhav Jain

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In present paper, the performance of various alternative refrigerants is compared to find the substitute of R22, the widely used hydrochlorofluorocarbon refrigerant in developing countries. These include the environmentally friendly hydrofluorocarbon (HFC) refrigerants such as R134A, R410A, R407C and M20. In the present study, a steady state thermodynamic model (includes both first and second law analysis) which simulates the working of an actual vapor-compression system is developed. The model predicts the performance of system with alternative refrigerants. Considering the recent trends of replacement of ozone depleting refrigerants and improvement in system efficiency, R407C is found to be potential candidate to replace R22 refrigerant in the present study.

Keywords: refrigeration, compression system, performance study, modeling, R407C

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Authors: Sayyed Abdolmajid Jalaee Esfand Abadi, Sepideh Samimi

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Since one of the major difficulties to develop small manufacturing enterpriser in developing countries is the limitations of financing activities, this paper want to answer the question: “what is the role and status of micro finance in improving the labor productivity of small industries in Iran?” The results of panel data estimation show that micro finance in Iran has not yet been able to work efficiently and provide the required credit and investment. Also, reducing economy’s dependence on oil revenues reduced and increasing its reliance on domestic production and exports of industrial production can increase the productivity of workforce in Iranian small industries.

Keywords: microfinance, small manufacturing enterprises (SME), workforce productivity, Iran, panel data

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Authors: Lavinia B. Dulla

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The exploration study of the fuzzy regression approach attempts to present that fuzzy regression can be used as a possible alternative to classical regression. It likewise seeks to assess the differences and characteristics of simple linear regression and fuzzy regression using the width of prediction interval, mean absolute deviation, and variance of residuals. Based on the simple linear regression model, the fuzzy regression approach is worth considering as an alternative to simple linear regression when the sample size is between 10 and 20. As the sample size increases, the fuzzy regression approach is not applicable to use since the assumption regarding large sample size is already operating within the framework of simple linear regression. Nonetheless, it can be suggested for a practical alternative when decisions often have to be made on the basis of small data.

Keywords: fuzzy regression approach, minimum fuzziness criterion, interval regression, prediction interval

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Authors: Andras Gyorfi, Andras Torma, Adrienn Buruzs

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Mobility has been evolved to a determining field of science. The continuously developing segment involves a variety of affected issues such as public and economic sectors. Beside the changes in mobility the state of environment had also changed in the last period. Alternative mobility as a separate category and the idea of its widespread appliance is such a new field that needs to be studied deeper. Alternative mobility implies finding new types of propulsion, using innovative kinds of power and energy resources, revolutionizing the approach to vehicular control. Including new resources and excluding others has such a complex effect which cannot be unequivocally confirmed by today’s scientific achievements. Changes in specific parameters will most likely reduce the environmental impacts, however, the production of new substances or even their subtraction of the system will cause probably energy deficit as well. The aim of this research is to elaborate the environmental impact matrix of alternative mobility and cognize the factors that are yet unknown, analyse them, look for alternative solutions and conclude all the above in a coherent system. In order to this, we analyse it with a method called ‘the system of systems (SoS) method’ to model the effects and the dynamics of the system. A part of the research process is to examine its impacts on the environment, and to decide whether the newly developed versions of alternative mobility are affecting the environmental state. As a final result, a complex approach will be used which can supplement the current scientific studies. By using the SoS approach, we create a framework of reference containing elements in which we examine the interactions as well. In such a way, a flexible and modular model can be established which supports the prioritizing of effects and the deeper analysis of the complex system.

Keywords: environment, alternative mobility, complex model, element analysis, multidimensional map

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Authors: Fatemeh Yazdandoust, Derrick Mirrindi

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The excessive use of non-renewable fossil fuels has led to a pressing energy crisis that demands urgent attention. While renewable sources like solar, wind, and water have gained significant attention as alternatives, we must explore additional avenues. This study takes an interdisciplinary approach, investigating the potential of waste streams from energy production and other untapped natural sources as sustainable energy solutions. Through a review of case studies, this study demonstrates how these alternative sources, including human power, animal body heat, and noise, can seamlessly integrate into architecture and urban planning. This article first discusses passive design strategies integrating alternative energy sources into vernacular architecture. Then, it reviews the waste stream (exergy) and potential energy sources, such as human power, animal body heat, and noise, in contemporary proposals and case studies. It demonstrates how an alternative energy design strategy may easily incorporate these many sources into our architecture and urban planning through passive and active design strategies to increase the energy efficiency of our built environment.

Keywords: alternative energy sources, energy exchange, human and animal power, potential energy sources, waste stream

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Authors: Ashenafi Beyene Fanta, Daniel Makina

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Economic theory predicts that finance promotes economic growth. Although the finance-growth link is among the most researched areas in financial economics, our understanding of the link between the two is still incomplete. This is caused by, among others, wrong econometric specifications, using weak proxies of financial development, and inability to address the endogeneity problem. Studies on the finance growth link in South Africa consistently report economic growth driving financial development. Early studies found that economic growth drives financial development in South Africa, and recent studies have confirmed this using different econometric models. However, the monetary aggregate (i.e. M2) utilized used in these studies is considered a weak proxy for financial development. Furthermore, the fact that the models employed do not address the endogeneity problem in the finance-growth link casts doubt on the validity of the conclusions. For this reason, the current study examines the finance growth link in South Africa using data for the period 1990 to 2011 by employing a generalized method of moments (GMM) technique that is capable of addressing endogeneity, simultaneity and omitted variable bias problems. Unlike previous cross country and country case studies that have also used the same technique, our contribution is that we account for the development of bond markets and non-bank financial institutions rather than being limited to stock market and banking sector development. We find that bond market development affects economic growth in South Africa, and no similar effect is observed for the bank and non-bank financial intermediaries and the stock market. Our findings show that examination of individual elements of the financial system is important in understanding the unique effect of each on growth. The observation that bond markets rather than private credit and stock market development promotes economic growth in South Africa induces an intriguing question as to what unique roles bond markets play that the intermediaries and equity markets are unable to play. Crucially, our results support observations in the literature that using appropriate measures of financial development is critical for policy advice. They also support the suggestion that individual elements of the financial system need to be studied separately to consider their unique roles in advancing economic growth. We believe that our understanding of the channels through which bond market contribute to growth would be a fertile ground for future research.

Keywords: bond market, finance, financial sector, growth

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Authors: Sankar Majumder

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Development of Rural Entrepreneurs requires a holistic approach involving social, economic, political, technical, and environmental and many other issues. It needs a thorough understanding of the economy and society. It's true that agricultural development, rural development and many other social and right based development programmes have resulted in the growth of income in the rural sector. The development of rural entrepreneurs is necessary to utilise these opportunities. Many programmes and policies in the spheres of organisational, financial, infrastructural and technical supports have been taken to promote rural industries. But if one looks at the growth and development of rural industrial units, especially the manufacturing units, the picture is not promising. This paper aims at analysing the possible causes and its solutions in terms of (1) Mind set of the society towards business as a livelihood; (2) Sufficiency and appropriateness of the existing organisational, financial, infrastructural and technical supports. The paper is based on secondary data on various aspects of rural enterprises and the author’s experiences in the course of his work as a practitioner in this field. Growth of units and employment in the rural industries shows that the entrepreneurs are more inclined towards trading units than towards manufacturing ventures. The growth of rural industries is constrained not by the insufficiency of the supply of finance but by the insufficient demand for finance. The task is to increase the supply of entrepreneurs by creating an entrepreneurial environment. Incubation for rural entrepreneurs is the need of the hour.

Keywords: business mind set, entrepreneurial environment, supply of finance, technical support

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Authors: M. A. Ferhat, M. N. Boukhatem, F. Chemat

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Lycopene extraction with petroleum derivatives as solvents has caused safety, health, and environmental concerns everywhere. Thus, finding a safe alternative solvent will have a strong and positive impact on environments and general health of the world population. d-limonene from the orange peel was extracted through a steam distillation procedure followed by a deterpenation process and combining this achievement by using it as a solvent for extracting lycopene from tomato fruit as a substitute of dichloromethane. Lycopene content of fresh tomatoes was determined by high-performance liquid chromatography after extraction. Yields obtained for both extractions showed that yields of d-limonene’s extracts were almost equivalent to those obtained using dichloromethane. The proposed approach using a green solvent to perform extraction is useful and can be considered as a nice alternative to conventional petroleum solvent where toxicity for both operator and environment is reduced.

Keywords: alternative solvent, d-limonene, extraction, lycopene

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Authors: Berrachid Dounia, Bellihi Hassan

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The financial crisis made a barrier in front of small projects that are looking for funding, but in the other hand it has had at least an interesting side effect which is the rise of alternative and increasingly creative forms of financing. The traditional forms of financing has known a recession due to the new difficult situation of economical recession that all parts of the world have known. Having an innovating idea that has an effect on both sides, the economic one and social one is very beneficial for those who wants to get rid of the economical crisis. In this case, entrepreneurs who want to be successful are looking for the means of financing that are going to get their projects to the reality. The financing could be various, whether the entrepreneur can use his own resources, or go to the three “Fs”(Family, friends, and fools),look for Angel Investors, or try for the academic solution like universities and private incubators, but sometimes, entrepreneurs feels uncomfortable about those means and start looking to newer, less traditional forms of financing their projects. In the last few years, people have shown a great interest to the use of internet for many reasons (information, social networking, communication, entertainment, transaction, etc.). The use of internet facilitates relations between people and eases the maintenance of existing relationships ,it increases also the number of exchanges which leads to a “collective creativity”, moreover, internet gives an opportunity to create new tool for mobilizing civil society, which makes the participation in a project company much easier. The new atmosphere of business forces the project leaders to look for new solution of financing that cut out the financial intermediaries. Using platforms in order to finance projects is an alternative that is changing the traditional solutions of financing projects. New creative ways of lending money appears like Peer to Peer (person to person or P2P)lending. This digital directly intermediary got his origins from microcredit principles. Crowdfunding also, like P2P, involves getting individuals to pool their resources to finance a project without a typical financial intermediary. For Lambert and Schwienbacher "Crowdfunding involves an open call, essentially through the Internet, for the provision of financial resources either in the form of donations (without rewards) or in exchange for some form of reward and/or voting rights in order to support initiatives for specific purposes". The idea of this proposal for investors and entrepreneurs is to encourage small contributions from a large number of funders "the crowd" in order to raise money to fund projects. All those conditions made from crowdfunding a useful alternative to project leaders, and especially the ones who are carrying special ideas that need special funds. As mentioned before by Laflamme. S. et Lafortune. S. internet is a tool for mobilizing civil society. In our case, the crowdfunding is the tool that funds social entrepreneurship, in the case of not for profit organizations, it focuses his attention on social problems which could be resolved by mobilizing different resources, creating innovative initiatives, and building new social arrangements which call up the civil society. Social entrepreneurs are mostly the ones who goes onto crowdfunding web site, so they propose the amount which is expected to realize their project and then they receive the funds from crowd funders. Something the crowd funders expect something in return, like a product from the business (a sample from a product (case of a cooperative) or a CD (in the case of films or songs)), but not their money back. Thus, we cannot say that their lands are donations, because a donator did not expect anything back. However, in order to encourage "crowd-funders", rewards motivates people to get interested by projects and made some money from internet. The operation of crowd funding is making all parts satisfied investors, entrepreneurs and also crowdfunding sites owners. This paper aims to give a view of the mechanism of crowdfunding, by clarifying the techniques and its different categories, and social entrepreneurship as a sponsor of social development. Also, it aims to show how this alternative of financing could be beneficial for social entrepreneurs and how it is bringing a solution to fund social projects. The article concludes with a discussion of the contribution of crowdfunding in social entrepreneurship especially in the Moroccan context.

Keywords: crowd-funding, social entrepreneurship, projects funding, financing

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Authors: Flora Babongo, Valerie Chavez

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Inferring causality from observational data is one of the fundamental subjects, especially in quantitative finance. So far most of the papers analyze additive noise models with either linearity, nonlinearity or Gaussian noise. We fill in the gap by providing a nonlinear and non-gaussian causal multiplicative noise model that aims to distinguish the cause from the effect using a two steps method based on Bayesian additive models for location, scale and shape (BAMLSS) and on causal additive models (CAM). We have tested our method on simulated and real data and we reached an accuracy of 0.86 on average. As real data, we considered the causality between financial indices such as S&P 500, Nasdaq, CAC 40 and Nikkei, and companies' log-returns. Our results can be useful in inferring causality when the data is heteroskedastic or non-injective.

Keywords: causal inference, DAGs, BAMLSS, financial index

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Authors: Fatma Zehra Doğru, Olcay Arslan

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In this paper, we propose alternative robust estimators for the shape parameters of the Burr XII distribution. We provide a small simulation study and a real data example to illustrate the performance of the proposed estimators over the ML and the LS estimators.

Keywords: burr xii distribution, robust estimator, m-estimator, least squares

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Authors: Mengyu Lu, Yongsheng Guo

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This study investigates how employee incentives affect employee performance in financing from customers. This study followed a grounded theory approach where data were collected through 29 interviews. Main themes and categories were identified through the coding processes. This study found that casual conditions, including financial barriers, informal finance, business location, customer base and customer relationship, influenced the adoption of customer finance in the case of SMEs. The SMEs build and maintain long-term relationships with customers through personal communications. The SMEs engage and motivate employees in customer communications and business financing strategy through financial incentives programs, including bonuses, salary rises, rewards and non-financial incentives, including training opportunities, extra holiday leave, and flexible working hours. Employee performance was measured through financing contribution and job contribution. As a consequence, customers will be well served by employees and get a better customer experience. SMEs can get benefits such as employee engagement, employee satisfaction and sustainable financing sources. This study gets in sight of employee incentives in improving employee performance in customer finance and makes implications to human capital theories. Suggestions are provided to the decision-makers in businesses as incentive programs improve employee performance that, eventually contributes to overall business performance.

Keywords: SMEs, financing from customers, employee incentives, performance-based measurement

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Authors: Abul Quasem Al-Amin, Md. Hasanuzzaman, Mohammad Nurul Azam, Walter Leal Filho

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With regard to the future energy strategy and vision, this study aimed to find the drawbacks of proposed energy diversification policy for 2020. To have a clear picture of the drawback and competitive alternative, this study has explored two scenarios, namely Scenario a and Scenario b. The Scenario a indicates that in the year 2020 the GHG emissions would be 823,498.00 million tons (Mt) with a 2020 final demand and proposed fuel mix such as by the Five-Fuel Diversification Strategy. In contrast, as an alternative, the Scenario b with biofuel potentials indicates that the substitution of coal energy by 5%, 10%, and 15%, respectively, with biofuel, would reduce the GHG emissions from 374,551.00, 405,118.00, and 823,498.00 million tons to 339,964.00, 329,834.00, and 305,288.00 million tons, respectively, by the present fuel mix, business-as-usual fuel mix, and proposed fuel mix up to the year 2020. Therefore, this study has explored a healthy alternative by introducing biofuel renewable energy option instead of conventional energy utilization in the power generation with environmental aspect in minds. This study effort would lessen the gap between GHG mitigation and future sustainable development and would useful to formulate effective renewable energy strategy in Malaysia.

Keywords: energy, environmental impacts, renewable energy, biofuel, energy policy

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Authors: Muhammad Fiaz

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The article in hand is the study of complex features like Zero Hopf Bifurcation, Chaos and Synchronization of integer and fractional order version of a new 3D finance system. Trusted tools of averaging theory and active control method are utilized for investigation of Zero Hopf bifurcation and synchronization for both versions respectively. Inventiveness of the paper is to find the answer of a question that is it possible to find a chaotic system which can be synchronized with any other of the same dimension? Based on different examples we categorically develop a theory that if a couple of master and slave chaotic dynamical system is synchronized by selecting a suitable gain matrix with special conditions then the master system is synchronized with any chaotic dynamical system of the same dimension. With the help of this study we developed generalized theorems for synchronization of n-dimension dynamical systems for integer as well as fractional versions. it proposed that this investigation will contribute a lot to control dynamical systems and only a suitable gain matrix with special conditions is enough to synchronize the system under consideration with any other chaotic system of the same dimension. Chaotic properties of fractional version of the new finance system are also analyzed at fractional order q=0.87. Simulations results, where required, also provided for authenticity of analytical study.

Keywords: complex analysis, chaos, generalized synchronization, control dynamics, fractional order analysis

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Authors: Yveta Pohnětalová, Veronika Nováková, Lucie Hrašová

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The paper presents the results of research in which we were looking for common characteristics of the family environment of students alternative and innovative education systems. Topicality comes from the fact that nowadays in the Czech Republic there are several civic and parental initiatives held with the aim to establish schools for their children. The goal of our research was to reveal key aspects of these families and to identify their common indicators. Among other things, we were interested what reasons lead parents to decide to enroll their child into different education than standard (common). The survey was qualitative and there were eighteen respondents of parents of alternative schools´ pupils. The reason to implement qualitative design was the opportunity to gain deeper insight into the essence of phenomena and to obtain detailed information, which would become the basis for subsequent quantitative research. There have been semi structured interviews done with the respondents which had been recorded and transcribed. By an analysis of gained data (categorization and by coding), we found out that common indicator of our respondents is higher education and higher economic level. This issue should be at the forefront of the researches because there is lack of analysis which would provide a comparison of common and alternative schools in the Czech Republic especially with regard to quality of education. Based on results, we consider questions whether approaches of these parents towards standard education come from their own experience or from the lack of knowledge of current goals and objectives of education policy of the Czech Republic.

Keywords: alternative schools, family environment, quality of education, parents´ approach

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Authors: Temitayo Olaitan

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There is a growing concern about the quality of Nigerian tertiary education. This paper maintains that quality in tertiary education relates to the development of intellectual independence, which sharpens the minds of the individual and helps transform the society economically, socially and politically. However, the paper underscores underfunding as a critical challenge to the quality of teaching and learning in tertiary education. To this end, this paper emphasizes the role of internally generated revenue (IGR) and other alternative funding strategies (public-private partnership) as inevitable for quality tertiary education. This paper hinges on stakeholders approach as a means of ensuring quality teaching and learning in tertiary education. This paper recommends that school managers should seek professional and more efficient ways of developing their revenue generating systems. It also recommends that institutions should restructure to accommodate an alternative funding strategy such as private/corporate sponsorship to ensure that sustainable initiatives are created. The paper concludes that Nigerian government should come up with a policy on how private sectors should support in improving the quality of tertiary education through active participation in funding and physical facilities development in Nigerian higher institutions of learning.

Keywords: alternative funding, budgetary allocation, quality education, tertiary education

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Authors: L. B. Naves, L. Almeida

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The development of Drugs Delivery System (DDS), has been wildly investigated in the last decades. In this paper, first a general overview of traditional and modern wound dressing is presented. This is followed by a review of what scientist have done in the medical environment, focusing the possibility to develop a new alternative for DDS through transdermal pathway, aiming to treat melanoma skin cancer.

Keywords: cancer therapy, dressing polymers, melanoma, wound healing

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Authors: Roberta Martino, Viviana Ventre

Abstract:

Intertemporal choices are choices under conditions of uncertainty in which the consequences are distributed over time. The Discounted Utility Model is the essential reference for describing the individual in the context of intertemporal choice. The model is based on the idea that the individual selects the alternative with the highest utility, which is calculated by multiplying the cardinal utility of the outcome, as if the reception were instantaneous, by the discount function that determines a decrease in the utility value according to how the actual reception of the outcome is far away from the moment the choice is made. Initially, the discount function was assumed to have an exponential trend, whose decrease over time is constant, in line with a profile of a rational investor described by classical economics. Instead, empirical evidence called for the formulation of alternative, hyperbolic models that better represented the actual actions of the investor. Attitudes that do not comply with the principles of classical rationality are termed anomalous, i.e., difficult to rationalize and describe through normative models. The development of behavioral finance, which describes investor behavior through cognitive psychology, has shown that deviations from rationality are due to the limited rationality condition of human beings. What this means is that when a choice is made in a very difficult and information-rich environment, the brain does a compromise job between the cognitive effort required and the selection of an alternative. Moreover, the evaluation and selection phase of the alternative, the collection and processing of information, are dynamics conditioned by systematic distortions of the decision-making process that are the behavioral biases involving the individual's emotional and cognitive system. In this paper we present an original decomposition of the discount function to investigate the psychological principles of hyperbolic discounting. It is possible to decompose the curve into two components: the first component is responsible for the smaller decrease in the outcome as time increases and is related to the individual's impatience; the second component relates to the change in the direction of the tangent vector to the curve and indicates how much the individual perceives the indeterminacy of the future indicating his or her aversion to uncertainty. This decomposition allows interesting conclusions to be drawn with respect to the concept of impatience and the emotional drives involved in decision-making. The contribution that neuroscience can make to decision theory and inter-temporal choice theory is vast as it would allow the description of the decision-making process as the relationship between the individual's emotional and cognitive factors. Neurofinance is a discipline that uses a multidisciplinary approach to investigate how the brain influences decision-making. Indeed, considering that the decision-making process is linked to the activity of the prefrontal cortex and amygdala, neurofinance can help determine the extent to which abnormal attitudes respect the principles of rationality.

Keywords: impatience, intertemporal choice, neurofinance, rationality, uncertainty

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Authors: Derya Nizam

Abstract:

An alternative understanding of "localization" has gained significance as the ecological and social issues associated with the growing pressure of agricultural homogeneity and standardization become more apparent. Through an analysis of a case study on an alternative food networks in Turkey, this research seeks to critically examine the localization movement. The results indicate that the idea of localization helps to create new niche markets by creating place-based labels, but it also strengthens local identities through social networks that connect rural and urban areas. In that context, localization manifests as a commodification movement that appropriates local and cultural values to generate capitalist profit, as well as a grassroots movement that strengthens the resilience of local communities. This research addresses the potential of community development approaches in the democratization of global agro-food networks.

Keywords: community building, local food, alternative food movements, localization

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Authors: Owus Mathias Ibearugbulem

Abstract:

The study presents Euler-Bernoulli’s approach for buckling analysis of thick rectangular plates using alternative I refined theory. No earlier study, to the best knowledge of the author, based on the literature available to this research, applied Euler-Bernoulli’s approach in the alternative I refined theory for buckling analysis of thick rectangular plates. In this study, basic kinematics and constitutive relations for thick rectangular plates are employed in the differential equations of equilibrium of stresses in a deformable elemental body to obtain alternative I governing differential equations of thick rectangular plates and the corresponding compatibility equations. Solving these equations resulted in a general deflection function of a thick rectangular plate. Using this function and satisfying the boundary conditions of three plates, their peculiar deflection functions are obtained. Going further, the study determined the non-dimensional critical buckling loads of the six plates. Values of the non-dimensional critical buckling load from the present study are compared with those from a three-dimensional buckling analysis of a thick plate. The highest percentage difference recorded for the plates: all edges simply supported (ssss), all edges clamped (cccc) and adjacent edges clamped with the other edges simply supported (ccss) are 3.31%, 5.57% and 3.38% respectively.

Keywords: Euler-Bernoulli, buckling, alternative I, kinematics, constitutive relation, governing differential equation, compatibility equation, thick plate

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